Jan 12, 2026
Daily (12.01.2026): Oil prices continue to rise amid geopolitical tensions that curb supply
Crude oil prices strengthened on Friday, supported by political instability in Iran and Venezuela that heightened concerns over potential supply disruptions. As a result, Brent crude settled at $66.34 per barrel, marking a 2.2% gain. Meanwhile, WTI crude ended the session at $58.06 per barrel, recording a 1.6% increase.
Wholesale UK gas prices were mixed on Friday. The NBP spot price slipped 0.2% to 73.35 p/therm, pressured by increased renewable generation. Meanwhile, further along the curve, the Q1 2027 contract gained 0.8% to settle at 70.45 p/therm, supported by expectations of colder weather.
European day-ahead power prices were bullish on Friday, amid colder weather. As such, the German spot power price jumped by 23% at 97.33 EUR/MWh, while the French spot power price increased by 14% to 80.40 EUR/MWh.
Contracts on the curve also rose on Friday, tracking higher gas and carbon prices. The German Cal’27 power contract traded 1.6% up at 84.02 EUR/MWh, while its French counterpart inched higher by 0.6% at 52.19 EUR/MWh.
European CO₂ prices climbed on Friday, supported by bullish long-term technical signals. Consequently, the 2026-expiry contract advanced 1.5% to settle at 89.56 EUR/tonne.
Wholesale UK gas prices were mixed on Friday. The NBP spot price slipped 0.2% to 73.35 p/therm, pressured by increased renewable generation. Meanwhile, further along the curve, the Q1 2027 contract gained 0.8% to settle at 70.45 p/therm, supported by expectations of colder weather.
European day-ahead power prices were bullish on Friday, amid colder weather. As such, the German spot power price jumped by 23% at 97.33 EUR/MWh, while the French spot power price increased by 14% to 80.40 EUR/MWh.
Contracts on the curve also rose on Friday, tracking higher gas and carbon prices. The German Cal’27 power contract traded 1.6% up at 84.02 EUR/MWh, while its French counterpart inched higher by 0.6% at 52.19 EUR/MWh.
European CO₂ prices climbed on Friday, supported by bullish long-term technical signals. Consequently, the 2026-expiry contract advanced 1.5% to settle at 89.56 EUR/tonne.